IREDA, Vedanta, TCS: Key support and resistance levels for these buzzing stocks
An analyst at Swastika Investmart said that TCS has witnessed some profit booking from higher levels due to recent market conditions, but has been trading near its important support zone.
- Oct 9, 2024,
- Updated Oct 9, 2024 7:37 AM IST
Indian benchmark indices managed to settle higher on Tuesday after six sessions of weakness following the outcome of Haryana assembly elections. RBI's upcoming monetary policy and Q2 earnings are key major factors to watch out for. BSE Sensex jumped 584.81 points or 0.72 per cent, to end the session at 81,634.81. NSE's Nifty50 surged 217.40 points, or 0.88 per cent, to close at 25,013.15 for the day.
Some buzzing stocks including Indian Renewable Energy Development Agency Ltd (IREDA), Tata Consultancy Services Ltd (TCS), Vedanta Ltd are likely to remain under the spotlight of traders for the session today. Here is what Pravesh Gour, Senior Technical Analyst at Swastika Investmart has to say on these stocks ahead of Wednesday's trading session:
IREDA has formed a bullish engulfing candle on the daily time frame near its important support zone at the 100 SMA, along with a positive divergence in the RSI. This setup indicates a possible pullback, with Rs 240 being the first hurdle. Above that, a rally could stretch toward the Rs 265 level. On the downside, the Rs 203-200 range will act as an important demand zone.
Indian benchmark indices managed to settle higher on Tuesday after six sessions of weakness following the outcome of Haryana assembly elections. RBI's upcoming monetary policy and Q2 earnings are key major factors to watch out for. BSE Sensex jumped 584.81 points or 0.72 per cent, to end the session at 81,634.81. NSE's Nifty50 surged 217.40 points, or 0.88 per cent, to close at 25,013.15 for the day.
Some buzzing stocks including Indian Renewable Energy Development Agency Ltd (IREDA), Tata Consultancy Services Ltd (TCS), Vedanta Ltd are likely to remain under the spotlight of traders for the session today. Here is what Pravesh Gour, Senior Technical Analyst at Swastika Investmart has to say on these stocks ahead of Wednesday's trading session:
IREDA has formed a bullish engulfing candle on the daily time frame near its important support zone at the 100 SMA, along with a positive divergence in the RSI. This setup indicates a possible pullback, with Rs 240 being the first hurdle. Above that, a rally could stretch toward the Rs 265 level. On the downside, the Rs 203-200 range will act as an important demand zone.